Speaker 1: You're listening to Comedy Central October twenty first, twenty thirteen.
Speaker 2: On Comedy Central's Worldviews headquarters in New York.
Speaker 1: This is the Daily Show with John Stow.
Speaker 3: How is Yell Door my Deak Tonight, Alan Greens Bad,
Speaker 3: Alan Green's Band to enjoin us, but our top joy Tonight.
Speaker 3: Let me tell you shut down fall out. The Republican
Speaker 3: shutdown tactics and politics were so offensive to even independence
Speaker 3: and moderates that this country looks like it is poised
Speaker 3: to turn bluer than a smurf's balls after dry humping
Speaker 3: a bottle of windecks. I can't believe we have a picture.
Speaker 3: For all the Democrats have to do to gain like
Speaker 3: an eighty twenty percent advantage in this country, all that
Speaker 3: stands in their way is a mildly competent implementation of
Speaker 3: the healthcare policy they battled so hard to keep.
Speaker 4: Let's take a look.
Speaker 3: The word glitch has been used by the White House
Speaker 3: that felts promising. Let's hear more.
Speaker 5: Healthcare dot gov has been plagued by glitches, riddled with glitches.
Speaker 6: Glitches, glitches, glitch glitches, glitchers, snaffoo.
Speaker 3: The bugs, the kinks, whatever you want to call this
Speaker 3: a glitches. Yes, apparently the healthcare dot gov website has
Speaker 3: ninety nine problems, but a glitch is all of them,
Speaker 3: which lets me introduce our new segment, spinning Beachball of Healthcare.
Speaker 3: So what are we talking about here? A few page freezes.
Speaker 7: Many who want to sign up are having trouble just
Speaker 7: getting on to the website logging on.
Speaker 3: Okay, so the first step doesn't work. Well, I have
Speaker 3: a feeling after that it's wrong information on Medicaid eligibility
Speaker 3: and long delays in timeouts. Well, delay some timeouts. That's
Speaker 3: nothing better mean. It's also a feature of NFL games
Speaker 3: in America. America loves those confusing error messages. Broken calculators.
Speaker 3: The calculator doesn't work. Thelat the one thing that's been
Speaker 3: included in computer since nineteen seventy two. You couldn't make
Speaker 3: that work. What is the only thing that the calculator
Speaker 3: does is spell out the word boobs no matter what
Speaker 3: you plug into it. How does the calculator not work?
Speaker 3: Give it to us straight dot gov? How bad is it?
Speaker 8: According to a poll by the Associated Press, fewer than
Speaker 8: one in ten people who tried to sign up in
Speaker 8: the first week were actually able to complete the process.
Speaker 8: That's a success rate of less than ten percent.
Speaker 3: Oh my god, less than ten percent?
Speaker 4: How bad is that?
Speaker 3: Twenty percent is the number of dentists who recommend sugared gum.
Speaker 3: How low is it? According to a recent poll, more
Speaker 3: of this country believes Obamacare has been repealed than have
Speaker 3: been able to sign up for Obamacare. The whole point
Speaker 3: of websites is to design them so that it is
Speaker 3: nearly impossible to not sign up for something. Every time
Speaker 3: I go on Amazon, there's a forty percent chance I'm
Speaker 3: mistakenly overnight myself six seasons at night Court. It's just
Speaker 3: the way it's designed. Are you sure you want to
Speaker 3: leave this page?
Speaker 9: Yes?
Speaker 3: I am. Oops, turns out I ordered something. So how
Speaker 3: the Democrats going to spin this? Turn? So?
Speaker 7: I think the number one point about the rollout is
Speaker 7: that there's huge interest. Nineteen million individual visits to the website.
Speaker 7: That's huge.
Speaker 3: Yeah, that's huge. You've angered a lot of people.
Speaker 7: The number one worry before we started was are people
Speaker 7: going to be interested? Will people sign up? And the
Speaker 7: answer to that is overwhelmingly yes.
Speaker 3: Yeah. But their number one worry was will I be
Speaker 3: able to get health insurance out of this thing, and
Speaker 3: the answer to that appears to be ninety percent. But
Speaker 3: at least for the ten percenters, we're able to log
Speaker 3: on and enroll life.
Speaker 4: She's a beautiful The.
Speaker 6: Wall Street Journal reports the healthcare marketplace is generating flawed
Speaker 6: data for insurance companies, everything from duplicate enrollments and missing
Speaker 6: data fields to problems with eligibility and spouse is reported
Speaker 6: as children.
Speaker 3: What kind of computer program forces you to marry your
Speaker 3: own children? How So, turns out the Obamacare rollout was
Speaker 3: plagued by a lot more than just glitches. So much
Speaker 3: so the President of the United States, who as you know,
Speaker 3: does not usually mann this country's IT support center, summoned
Speaker 3: us all this morning to the Rose Garden for a
Speaker 3: little Glengarry glen Ross Closers spiel.
Speaker 5: The Affordable Care Act is not just a website. The
Speaker 5: health insurance that's available to people is working just fine.
Speaker 5: Instead of paying sixteen done one hundred dollars per month,
Speaker 5: you have a plan that will only cost us six
Speaker 5: hundred and ninety two dollars a month. And that's a
Speaker 5: good deal. The product is good. I want people to
Speaker 5: be able to get this great product and that product
Speaker 5: is working.
Speaker 1: It's really good.
Speaker 3: When did the President of the United States turn into
Speaker 3: Gil from The Simpsons.
Speaker 4: Now she's a beauty. You can't beat a calico.
Speaker 3: How abouty? Can I put you down for a lot?
Speaker 3: Please say a lot?
Speaker 4: I'd eat this.
Speaker 3: This isn't a good product, but let's heaven. He didn't stop,
Speaker 3: baby Ron pop Peel kept on selling.
Speaker 5: You just heard Janis' story. She owns her own small business.
Speaker 5: She recently became the first woman in roll and coverage
Speaker 5: through Delaware's exchange show.
Speaker 3: That's one. You know, people say you can't use the website.
Speaker 3: Have you told him about Janice from Delaware? Hey? But
Speaker 3: you know what, God bless she signed up. She deserves
Speaker 3: to be up there to prove that this can be
Speaker 3: done easily.
Speaker 6: It took her seven hours on the phone and online.
Speaker 3: Eventually she had to.
Speaker 6: Go through and clean out all the cookies from her
Speaker 6: cachet and then she was able to sign up.
Speaker 3: But she did sign up from the small state of Delaware.
Speaker 3: She had the move. She had to move, and she
Speaker 3: is no longer married. But it is done. She did.
Speaker 4: She is done.
Speaker 3: She had the move. She had to do a giant
Speaker 3: tattoo of a spider on her neck. But it's done.
Speaker 3: She has it. It's done. Yes. It turns out even
Speaker 3: the photo op to address the poorly planned rollout of
Speaker 3: Obamacare suffered from a clear lack of planning, as evidenced
Speaker 3: by the decision, perhaps on wise in hindsight, to place
Speaker 3: the pregnant woman with diabetes in the sun next to
Speaker 3: the president. Good save, give the woman some water, but
Speaker 3: fear not. Help is on the way.
Speaker 5: We've had some of the best IT talent in the
Speaker 5: entire country join the team, and we're well into a
Speaker 5: techt surge to fix the problem.
Speaker 1: A surge your.
Speaker 3: Website is so we have to use the same strategy
Speaker 3: we use to salvage the Iraq War.
Speaker 1: Well our own.
Speaker 3: John Oliver has been trying to sign up for Obamacare,
Speaker 3: He joins us right now, John, come.
Speaker 10: You, Oh, thank god, Please don't leave. Don't leave, John,
Speaker 10: please somewhere are you. We're okay, okay, Here's what happened.
Speaker 10: I went to healthcare dot Gov just lug you off.
Speaker 3: Thanks.
Speaker 10: I gave them all my information oppressed, and there was
Speaker 10: a giant sucking sound next thing on you. I was
Speaker 10: inside that website, John, I'm sucking.
Speaker 3: Here is awful.
Speaker 4: It's horrible.
Speaker 3: Ire Wow. So there are still a few glitches.
Speaker 10: Glitches, clitch, Look at me, John, I didn't get a
Speaker 10: four h four file on found screen. I've got sucked
Speaker 10: into the mainframe glitches.
Speaker 4: That is that code behind you?
Speaker 9: Is that code?
Speaker 1: Yeah?
Speaker 4: Isn't that supposed to be zeros in one? Yeah?
Speaker 10: I think it's Oh, it's fours and fives here, John, Really,
Speaker 10: I don't know which subcontractor that up. This is elementtal coding.
Speaker 3: Well, let me ask you. Do you at least have
Speaker 3: health insurance? Now? Is that?
Speaker 10: I don't, John? No, apparently I'm still being processed. But
Speaker 10: like the president says, the product is good. It's just
Speaker 10: that there is a small risk that applicants might get
Speaker 10: sucked into a tron like cyber bureaucratic nightmare with no escape.
Speaker 3: You have you just listen. Have you tried just hitting escape? Yeah?
Speaker 10: Thank you, Sanjay. That was the first thing I tried.
Speaker 1: Okay, that was the first thing.
Speaker 10: All right, No, Joe, my best hope is that they're
Speaker 10: going to begin to fix in some way. Oh no, no, Joe,
Speaker 10: I'm gonna get out of here.
Speaker 1: What is that?
Speaker 2: Is that?
Speaker 3: What I think it is?
Speaker 4: How old is this so fled John. Wow, that was unbelievable.
Speaker 3: Well, the website is very busy, so I can't get
Speaker 3: you help flakes quickly.
Speaker 10: He's coming back, John, he's coming by.
Speaker 3: I hate to see that.
Speaker 4: For everybody. Oh, well, me right back.
Speaker 3: What's not I don't know if you saw this over
Speaker 3: the weekend. Very exciting development in my home state.
Speaker 11: Ladies and gentlemen, it is officially past midnight. Marriage is
Speaker 11: equal in New Jersey.
Speaker 3: Let's get ready to couple. At long last, people from
Speaker 3: New Jersey can legally marry each other. I think that's
Speaker 3: what it is. Is wedding day for hundreds of same sex
Speaker 3: couples in New Jersey.
Speaker 5: Gay marriage now legal in that state.
Speaker 3: Okay, that makes a lot more sense. I thought it
Speaker 3: was just that people from New Jersey are allowed to
Speaker 3: marry other people from New Jersey. You know, I now
Speaker 3: pronounce you about a being in bauda bull. You may
Speaker 3: know about a being the bauda boom. Apparently what happened
Speaker 3: was last month a lower court judge ruled that New
Speaker 3: Jersey had to allow gay marriages, and then last week
Speaker 3: the state Supreme Court ruled seven to zero that they
Speaker 3: had to start today. Why today. Well, for one thing,
Speaker 3: Greg and Michael aren't getting any younger. It was an
Speaker 3: exciting night, and a few more excited than Newark Mari
Speaker 3: and Senator elect Cory Booker, who officiated one of the
Speaker 3: first weddings.
Speaker 5: All right, so I have to do this by law.
Speaker 3: Is this one of those stopping frisk deals? Is that?
Speaker 3: What's happening? Is it a union? Thing? Is about to
Speaker 3: take a nap? What does he have to do by law?
Speaker 3: What is he Why is he even talking about the law? What?
Speaker 3: Maybe I should just let him?
Speaker 1: All right, So I have to do this by law.
Speaker 11: And so before we exchange the vows, I must ask
Speaker 11: if there's anyone present here today that should know of
Speaker 11: any reason why Joseph and Orvell should not be marriage married?
Speaker 1: Speak now or forever? Hold your peace?
Speaker 3: Isn't that crazy? In New Jersey? That is the law.
Speaker 3: You were acquired by law to ask if anyone objects
Speaker 3: to a wedding, and not just weddings in New Jersey.
Speaker 3: You have to do that for everything. It's part of
Speaker 3: the states. You've got a problem with that Act seventeen
Speaker 3: ninety four. It's why anytime you go to a bar
Speaker 3: in New Jersey, at some point to the night. Somebody's
Speaker 3: going to look at you and go you got a
Speaker 3: problem with that. They don't want to fight you, They're
Speaker 3: just obeying our laws. But all right, the formalities are
Speaker 3: out of the way. Time for the special moment that
Speaker 3: this couple's been waiting for all their lines.
Speaker 1: Do you wish to be joined in marriage? Yes?
Speaker 3: Yes, And I wish to join you, not in marriage,
Speaker 3: but joined you together. Too late. It already got weird.
Speaker 11: So I declare Joseph and Orville to be lawful spouses
Speaker 11: in the state of New Jersey.
Speaker 1: You may kiss your spouse.
Speaker 3: Alright, getting weirder, alright? You may hug your bear.
Speaker 4: Hell, leave down alone. It is not about you.
Speaker 3: And you think that's bad. You should have seen what
Speaker 3: happened during their first dance.
Speaker 4: But let them go right back, quarter back. My guest tonight,
Speaker 4: former chairman of.
Speaker 3: The Federal Reserve Board. His new book is called The
Speaker 3: Map and the Territory Risk, Human Nature and the Future
Speaker 3: of Forecasting. Please welcome back to the program, Alan Green's band.
Speaker 4: Sorry enjoyman.
Speaker 3: Oh yeah, please have a seat there, my friend, listen
Speaker 3: to this. So the book is called The Map in
Speaker 3: the Territory.
Speaker 9: Can we reck until I start laughing.
Speaker 3: Are you enjoying that? Where are you back there? You
Speaker 3: get the feed, you got chocolate back there? It's a
Speaker 3: good time.
Speaker 4: Oh yeah, I'm very talented.
Speaker 3: All right. So in two thousand and eight, so you're
Speaker 3: the FED chairman. In two thousand and eight, you testify
Speaker 3: that the one thing about this financial collapse that you
Speaker 3: didn't see coming was that you thought the banks would
Speaker 3: have been better stewards of their own capital, that they
Speaker 3: would have been better self regulators. Yep, And that this
Speaker 3: book was your journey into finding out why they were terrible. Please,
Speaker 3: how about it?
Speaker 9: I couldn't have said it better.
Speaker 3: Thank you very much. I appreciate that. Why were they
Speaker 3: terrible at regulating their own risk?
Speaker 9: Well, I don't think they fully understood the types of
Speaker 9: risks that were out there. It's very interesting when you're
Speaker 9: in a financial business to try to figure out why
Speaker 9: markets behaviors they do. And it's tough. I mean a
Speaker 9: lot of people think they can do it very easily,
Speaker 9: but we really can't forecast all that Well we pretend
Speaker 9: that we can, but we really can't. And markets do
Speaker 9: very weird things because it's being It reacts to the
Speaker 9: way people behave and sometimes people a little screwy.
Speaker 3: You just learned this. People are always screwy. It's greed,
Speaker 3: isn't it. It's greed and Hubris no.
Speaker 9: Well yeah, but it's also a lot of other things. Now, look,
Speaker 9: I was brought up in the canyons of All Street,
Speaker 9: and I know what screwiness is, right, I mean, I've
Speaker 9: watched it all my life. What's very different about this
Speaker 9: is that we, that is, those of us who did analysis,
Speaker 9: always thought that that screwiness would wash out and that
Speaker 9: all you had to look at is the real numbers
Speaker 9: in the real world. That was wrong. And I'll tell
Speaker 9: you it's very hard for me to convey, but the
Speaker 9: simple premise which we all made were that people would
Speaker 9: act rationally in their long term self interest made a
Speaker 9: huge impact on how you viewed how the economy would function.
Speaker 3: But even if you look at the simple numbers, these
Speaker 3: guys are you taking thirty to one risks on stuff
Speaker 3: that they're not capitalized on. That's not even you know,
Speaker 3: studying human behavior. That's looking at a basic balance sheet
Speaker 3: and going what is this?
Speaker 9: Precisely now, when we began to see what was going on,
Speaker 9: you couldn't believe that there would be people who would
Speaker 9: be that disregarding of their own companies. How can you run,
Speaker 9: as you say, thirty times.
Speaker 3: Right on the leverage. But isn't it because they don't
Speaker 3: pay the penalty. Isn't it the rewards that they were getting.
Speaker 3: It's the system was incentivized for these crazy short term
Speaker 3: bursts of rewards.
Speaker 9: Back in nineteen seventy, the New York Stock Exchange said
Speaker 9: that broker dealers, which are what all these people are,
Speaker 9: could incorporate. Prior to them, they were all partnerships. And
Speaker 9: let me tell you something about a partnership. Your partners
Speaker 9: don't let you take any risk that can affect them.
Speaker 9: And I remember they wouldn't lend you a nickel overnight.
Speaker 9: And the system worked. You did not get anybody failing
Speaker 9: because the equity was protected. As soon as they started
Speaker 9: to go to corporations, they took risks for exactly the
Speaker 9: reason you suggested.
Speaker 3: But didner we then deregulate those corporations and allow them
Speaker 3: to take those risks because a lot of the safeguards
Speaker 3: in there. We always are going to have some bust
Speaker 3: in booms, but they're not going to be as large
Speaker 3: because there were some clear cut regulations in place that
Speaker 3: controlled how much they could end overnight, or or the
Speaker 3: amount of money they could speculate from their savings holders
Speaker 3: to their more speculative derivative businesses.
Speaker 9: The easiest thing to do is to increase capital requirements.
Speaker 9: If they want to do things which make no sense whatever,
Speaker 9: let them do it and let them suffer the consequences,
Speaker 9: but don't put them in a position where they can defold.
Speaker 9: Is what The real problem in all of these areas
Speaker 9: are the fact that when a bank fails, it tends
Speaker 9: to create a contagious effect and it rumbles through the system. Sure,
Speaker 9: and that's precisely what happened on September fifteenth, two thousand
Speaker 9: and eight. Those of us who look at that sort
Speaker 9: of stuff recognize that you just can't tell which are
Speaker 9: going to be the toxic ascids. So I think the
Speaker 9: only way to solve this problem is to get enough
Speaker 9: regulatory capital in place, and then they can do a
Speaker 9: lot of things which you shouldn't be able to, shouldn't
Speaker 9: worry about.
Speaker 3: So what would you say, twelve to one, what are
Speaker 3: we dealing with here? Ten to one? Twelve to one?
Speaker 9: I would say basically that, well, right now, there are
Speaker 9: eleven percent of assets, right, I think they number ought
Speaker 9: to be twice.
Speaker 3: That, So twenty two percent of that kind of thing.
Speaker 3: Are they going to do it? No? Well, thank you
Speaker 3: very much for your the map in the territory on
Speaker 3: the bookshelves now, Alan Greenspan, go get the Ball.
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